These last few days in Malaysia witnessed me rushing to banks to change my bank ATM cards into the new updated Debit Cards equipped with Contactless (PayWave in Malaysia) function. Half of me exclaimed "Cool!" but the other half of me... "meh...".
When I first arrived in the UK last September and opened my bank account, I received my first Debit Card and in addition to that, I can use Contactless.
I really love my Debit Card. I felt like I have infinite spending power. Added with the fact that when you go anywhere, there's no doubt that your card will be accepted at the payment counter, even when you're only buying something worth 50 pence. No cash needed! No need to withdraw money when you want to buy something. That is the main benefit that a Debit Card holder has.
Besides that, one can use his/her Debit Card for online transactions. It functions the same way as a Credit Card, only that you need to have enough funds in your account to be able to make the payment instead of "borrowing from the bank and paying back the money in installments plus dividend" and most transactions do not require you to pay transaction costs. Transactions like buying your flight tickets to buying items from Amazon just have become easier and more accessible.
As for Contactless, I don't really use it because I was afraid that when I don't always press my PIN code on the card machine, I may forget what it is. In situations where there may be a lot of people waiting in line to pay (or use the ATM), it would take up a whole lot of time to try figure out what my PIN code is. Alhamdulillah, my memory is still ok and I can still remember what my PIN code is without needing to "practice" remembering it.
Behind all of those spendings, I actually keep all my receipts and track my spending. Each month I will take about 30 minutes recording on a book where I spent, what I spent on, and how much money I spent. By the end of the recent academic year, I realised that I haven't been doing any savings. True, it is not necessary for me to save since the government sponsors me, but I do have a few dreams that I want to achieve, for example performing the Umrah, and that needs money. Wanna wait until I work and save? No, people, this is something that you need to train before you enter your career life. To be wary of your money, spending only on what you need and saving (a.k.a being responsible upon your money) is something that we all should master even before we begin working.
Now back to my story in Malaysia, now I can freely use my Debit Cards for a lot of transactions without needing to go to the ATM to withdraw cash, and also use online transactions, however, I am afraid of what this accessibility offers. Like I said before, having a Debit Card does enable cost-free transactions and better accessibility to instant money without having to carry a lot of cash with you. But... proceed with caution! Remember I told you that I felt like I had limitless purchasing power? The thing is, without cash, people tend to care less about their spendings. They'll spend, spend and spend; until they realise that they only have very little money left, but still have a long long long way to go before they get their next paycheck/allowances. Nauzubillahi min dzalik.
This is what came out of my mind the very moment that I received my Debit Cards. I've never experienced it but I've seen someone who went through this with my very own eyes. So, with this in mind, I would like to remind everyone including myself, to always be prudent when spending. Only buy items that you need and prevent wastage as much as possible. It's not wrong to buy things that you've been fancying for a while, for example buying the latest iPhone model or the latest fashion designs, but every time we want to purchase it, always ask ourselves, do I really need this? Will it really benefit me and others around me?
Will be missing home, off back to the battleground: university.
